Ulaanbaatar /MONTSAME/. At its virtual session held yesterday, the Parliament approved the  bills on the state budget, the budget of the Social Insurance Fund, and the budget of the Health Insurance Fund for the year of 2021.

Chairman of the Standing Committee on Budget B.Javkhlan presented the proposals and conclusions made on the final draft of the bill for 2021 budget which was supported by the majority during the second discussion of the plenary session of the standing committee held on November 10, 2020.

The MPs did not increase the amount of budget expenditures and deficits submitted by the Government.

They made changes  increasing recurrent expenditures for projects, programs, and some general budget governors that need to be funded by cutting and deferring tolerable expenditures. These changes are in line with the development and national security policies set out in the relevant laws,  not to increase the amount of budget expenditures and deficits submitted by the Government, and meet the requirements set forth in Articles 6.2.6, 29.3 and 29.4 of the Budget Law, highlighted the Chairman of the Standing Committee on Budget B.Javkhlan.

Thus, the total equilibrated revenue is projected to be MNT 11.797.8 trillion or equal to 27.9 percent of GDP and total expenditure MNT 13.951.6 trillion or 33.0 percent of GDP and total equilibrated deficit of the general budget is estimated at MNT 2.153.7 trillion or 5.1 percent of GDP without changing the main economic indicators such as total balanced revenue, total expenditure and budget balance.

In the fiscal year 2021, a project has been developed to accumulate MNT 1.180.1 trillion in the Future Heritage Fund and MNT 156.0 billion in the Fiscal Stabilization Fund.

A total of 1,100 projects and activities will be funded by MNT 1.390.921 trillion as proposals made by the working group and some members of the Parliament on projects and activities to be financed from the state budget of Mongolia in the 2021 fiscal year. In addition, MNT 266,268.7 million will be repaid for 5 projects and activities implemented under the “Build-Transfer” concession.

The third and fourth discussions of the bill were summarized and members voted on each draft item and 59 out of 68 participating members or 86.8 percent supported the approval of the bill. The meeting also voted on each item of the draft law on the budget of the Social Insurance Fund for 2021 and the draft law on the budget of the Health Insurance Fund for 2021 and approved it by the majority of members.

In addition, a draft resolution on measures to be taken in connection with the adoption of the 2021 Budget Law of Mongolia was approved.